There aren't many, if any, 200-unit high-rises in Chicago that were started in '07-'08, that are now over 90% sold
Chicago, IL (Vocus) November 11, 2010
As the only high-rise in its neighborhood and one of the only new-construction condominium towers to successfully emerge from the housing downturn, SoNo condominiums in Chicago stands out both literally and figuratively. Now, the 199-unit development, with the distinctive glass curtain wall rising above the Clybourn Corridor, is nearing closeout with only 15 units remaining.
According to Chicago-based Smithfield Properties LLC, the project’s developer, the final 15 homes in the 28-story building are priced to sell with discounts ranging from 7% to 21% off original developer prices. Remaining homes include:
- One-bedroom, one-bath floor plans with 796 square feet priced from $249,900 to $256,900
- One-bedroom, one-bath floor plans with 905 square feet priced from $287,900 to $293,900
- Two-bedroom, two-bath floor plans with 1,416 square feet priced from $399,900 to $421,900
- A three-bedroom, two-bath floor plan with 1,656 square feet priced at $481,900
Garage parking ranges from $9,000 to $21,000 per space. Buyers can take advantage of FHA loan programs requiring as little as 3.5% down.
“These last few homebuyers not only will benefit from today’s low pricing and interest rates; but they also will get the peace of mind that comes from buying in a fully stabilized building that has sold better than just about any other new-construction project in Chicago over the past 18 months,” said Bill Smith, president of Smithfield Development LLC.
In fact, more than 150 homes at SoNo have sold and closed since fall 2009, according to @properties, the exclusive sales and marketing firm for the development.
“There aren’t many, if any, 200-unit high-rises in Chicago that were started in ‘07-‘08, that are now over 90% sold,” said Thaddeus Wong, co-founder of @properties. “The developer doesn’t get enough credit for how it has managed this project, from financing to construction to creating a product that has maintained its desirability and value, relative to the market.”
SoNo has garnered widespread acclaim from the Chicago real estate community. Local real estate agents voted SoNo Chicago’s “Best Condominium Value” in the Chicago Agent Magazine 2009 Agent’s Choice awards, citing the project’s larger-than-average floor plans, competitive prices, and upscale features and amenities.
Standard features in SoNo condominiums in Chicago include floor-to-ceiling windows; 9-foot ceilings heights; hardwood flooring in living areas; solid-core interior doors and spacious balconies or terraces. Kitchens come with granite countertops and Kitchen-Aid stainless steel appliances. Baths include marble floor tile, marble countertops and Grohe fixtures. Assessments include heat, air conditioning, water, cooking gas, internet service, basic cable and a 24-hour doorman.
The building also features a fitness center with health-club-quality cardio and weight training equipment, a bicycle storage room and individual storage lockers.
SoNo is located at 860 W. Blackhawk St., two blocks south of North Avenue and one block west of Halsted. The project was grandfathered in under previous zoning that allows it to be the only high-rise development in the area bounded by North Avenue, Division Street, Halsted Street and the Chicago River. As such, homebuyers enjoy unobstructed views from almost every unit in the building.
But while future high-rise development in the Clybourn Corridor may be limited, other development in the neighborhood continues to move ahead. Last month, Apple opened its highly anticipated Apple Store at the intersection of North, Clybourn and Halsted. As part of the development, Apple contributed to the renovation of the North/Clybourn Red Line ‘L station.
The immediate area is also home to one of the largest Whole Foods grocery stores in the country, as well as other retail flagships including Crate & Barrel, Best Buy, The Home Depot and downtown Chicago’s first West Elm furniture store. Additional retailers and restaurants continue to sign leases in the neighborhood.
“This is one of the most central, convenient locations on the North Side. You’re less than five minutes from the heart of Lincoln Park, Bucktown, River North, Old Town and the Loop. And a lot of great amenities are within walking distance,” said Michael Golden, co-founder of @properties.
The sales center and decorated model for the SoNo condominiums in Chicago are open Saturday and Sunday from 12 p.m. to 5 p.m. and by appointment. To schedule a showing or for more information, call 312-266-6006, or visit SoNo online at http://www.sonochicago.com.
About Smithfield Properties
Chicago-based Smithfield Properties LLC (http://www.smith-field.com) has developed some of the most successful residential projects of the past decade in downtown Chicago, including Erie on the Park, Kingsbury on the Park, 30 West Oak, Willow Court Townhomes and The Residences at the Joffrey Tower.
@properties (http://www.atproperties.com) is the No. 1 real estate brokerage firm in the city of Chicago and the city's leader in the sales and marketing of new-construction and conversion developments. Founded in 2000, @properties has successfully represented more than 150 development projects, and has completed some 30,000 transactions totaling more than $13 billion. The firm has more than 950 licensed REALTORS® and seven locations throughout the city and North Shore.
# # #